Beijing (ZXZC)- China’s automotive electronics supplier, Beijing Jingwei Hirain Technologies Co., Ltd. announced today that the company will start public trading on April 19th, at the STAR Market board of the Shanghai Stock Exchange. 

Photo credit: Hirain Technologies

Under the name JingweiHengrun and the code 688326, the company’s IPO price is set at RMB121.00/share ($18.98), with total equity of 120 million shares. A sum of 23,366,448 shares is preliminary stage trading shares without limited conditions, accounting for 19.47% of the total equity. 

Hirain Technologies is dedicated to providing electronics, R&D, and solutions for the automotive, advanced equipment, and autonomous transport industries. The company’s experience and achievements have attracted numerous well-known enterprises in the auto industry, including NIO, XPeng, FAW Group, SAIC Motor, and Tier1 suppliers like Valeo, Aptiv, Magna, Inalfa, and many others.  

According to the company’s IPO prospectus, the fund raised will be put towards the construction of its Nantong automotive electronics manufacturing base and its Tianjin R&D center. The rest will be used to further the company’s digitization capability, and supplement its liquidity. 

According to Hirain Technologies’ report, its annual revenue amounted to RMB3.262 billion ($511.75 million) in 2021, resulting in an attributable net profit of RMB146 million ($22.9 million). 

However, the company’s earnings forecast was not as prominent as a year ago. From January to March, Hirain Technologies projected a quarterly revenue of RMB660-720 million ($103.54-112.96 million), with an attributable net loss of RMB40-20 million ($6.28-3.14 million).